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20121205
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statement from ben bernanke and company. qe forever. cheryl: full team coverage for the entire hour, nicole petallides watching traders' reaction from the floor of the nyse, jeff flock watching action on the trading pits of the cme and we have you covered with all-star fed panel. first we begin with nicole petallides on the floor of the nyse with stocks at the top of the hour. the fed now up 6. nicole: we are up six points, we are for six day is a row for the dow jones industrial. some would say people were waiting on the fed, talk about more easing and more stimulus and traders, they were asking about extending the programs, we will see about that. as far as major market averages the dow is just above the unchanged line like the s&p 500 and the ticket in nasdaq pulling back and you see the markets are very tepid and hovering right near zero and waiting for each headline. dennis: thank you, critics are calling it q e forever. the expected in moments to announce a new stimulus. cheryl: a current bond buying program, operation twist is scheduled to end. let's bring in our all-star panel. let'
money, but the market says thanks, ben bernanke and friends. we know the votes went through, and 11-1 decision. the market's acting this and running with it and moving to session highs so that these are session highs of 76 points on the dow jones industrials, a gain of 1/2%. the ticketing nasdaq is the worst of the month but it isn't 1/3% and the s&p 5 uuder the 0.3% and the s&p 5001430. anyone watching yesterday, he talked about the bias to the upside, talked about 1430 and talked about heading to 1440 and we are not are off of that level. american express leading the way. >> no deal to avoid the fiscal cliff, john boehner keeping the dialogue going and even trading new proposals but not stopping them from calling each other out. rich edson is in washington. >> that usually stops or pauses at the very least when there is progress. democrats and republicans have been stuck for weeks. the white house reduced its offer on tax increases for $1.6 trillion to $1.4 trillion including a willingness to begin corporate tax reform. republicans santa white house has to embrace significant spen
to realize that ben bernanke really has no idea what he's doing and must admit that his policy that's been in place now for four years of free money and 0% interest rates has really produced a very poor employment picture. let me prove my point. the november non-farm payroll report, we actually lost 22,000 jobs in the goods-producing sector. how could that be after four years of 0% interest rates? labor force participation rate, falling. the employment-to-population ratio falling and the key demographic of 25-55-year-olds, that demographic, they are leaving the workforce. >> michael, i get the feeling you're not a huge fan of ben bernanke. what would you do if you're the chairman then? >> if i was the fed chairman i would resign and realize that 12 people have absolutely no idea what the cost of money should be. the most important mechanism, symbol in a free market economy is the cost of money, and they have no idea telling us what that price should be. >> price mccain, help us out here. what's your expectation in the fed has said they are going to keep rates this low at least until unempl
two-day meeting. a watch is on to see if ben bernanke and policy makers make a decision about the interest rates. later on, the chairman will hold a news conference, and of course, cnbc, will bring it to you live. coverage beginning at 2:00 p.m. eastern. jim, a lot of discussion about how much they are willing to do, given the tenuous nature of the talks in d.c. >> i think that this is one of those that is really at the front. things want to hear things haven't gotten worse. if it hasn't gotten worse, they'll stop buying the bonds. the competitive nature of bonds will rise at the same time the dividends will not be as bountiful. there's enough to not like that i think people will be freaked out. if he is not -- he must be opaque. he must go back to greenspan speak and say, listen, you know, on the one hand, on the other, simply because he has no clue whether we'll go off the fiscal cliff or not. i'm calling for opaque, return to the old days, of we have no idea what he means. >> the headlines the next day that are literally competing headlines. >> please, go back to being uncl
miimism in four years. it doesn't matter what ben bernanke does. i think his programs have long since not really helped the employment side, but the fiscal cliff is doing obvious damage. that's going to make what everybody knows is coming. we ran out of two years to sell. they're going to go from a twist to outright purchases. it's fully built into the market, but it isn't going to help. the fiscal cliff is going to do more damage to the psyche of job creation than anything that ben bernanke can do. >> any expectations in terms of the jobs numbers? what do you look for? >> we're looking for better than expected. rit, the sandy effect will be there. you should see actually better job growth next year, and that also becomes that second catalyst into the marketplace that could put the s&p at an all-time high next year. >> what about the fiscal cliff though? if we take out the mortgage deduction, which is being hotly debated in terms of the exemptions and loopholes, does that stop this housing recovery in its tracks? >> if you pick a midpoint between 0% and 3.5% and call it a fiscal slope
of the decision and ben bernanke's news conference starting at 12:15. we'll talk to steve leaseman live later in the program. >>> another story that you heard about yesterday, the -- you know, violence and death threats and blood and guts. big implications for big labor. that is michigan's decision to become a right-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't the unionsing putting out a proposition that workers want to join a union? and shouldn't workers feel free to make that choice to say their dollars are going to the union or not based on they feel they're getting results? so that's what this is really doing. so that's why i view this as pro-worker, not anti-union. >> the right-to-work clause regarded as a big blow to organized labor which has seen membership decline across the country. down to private sector 7%. >> you think overall, isn't it, 7%? more than 5
and that fed decision along with ben bernan bernanke's news conference. theirs, jobless claims and november sales on ppi. on friday, we'll get consumer prices and industrial production. check in now on european markets, the ftse mib now at session lows down .6%. ibex 35 in spain also an underperformer. it was down greater than 2%. it's just shy of that level now. portugal seeing weakness as investors show some concern about the periphery in light of political news this morning and u.s. investors are feeling a strong hit. after a strong session on friday, they're giving up some of those gains. dow is looking to shed about 34 points now, similar decline for the nasdaq and the sep. let's head over to michael gurka. good monday morning, i should say. we're not necessarily starting off with a great tone this week. what do you expect to be the key theme here? >> well, you know what? you can never dismiss the fed meeting, especially at this time of the year considering what is in front of us. but, you know, the expectations are clearly that it's a lot of unchanged scenario in the vernacular from t
benedict, ben bernanke, saudi king. more on how the list was assembled and other details, forbes media ceo, mike, thanks for being with us. >> this is important to us because nothing personifies what we do at forbes like our power list. we're about success and the impact of people who achieve success have. we have ten editors who get together. we draw on a huge bank -- >> they always agree on everything. don't they? >> exactly. there is some subjectivity, i must admit. they talk about the number of people that someone influences. the amount of financial resources that they have. how many spheres they operate in, are they just financial or are tle political or philanthropic. the fourth criteria is do they act on their power, do they use their power. and if you look at -- >> that's the reason why bill gates would rank so high here is how he has used some of his financial power in the philanthropic sphere. it was interesting to me, "forbes" magazine, leading business magazine, most storied one maybe of all -- >> i have no argument with that. >> and yet, no businessman in the top ten. highest
chairman ben bernanke makes any comments about that. when he concludes at the conclusion of the two-day fed meeting occurring on tuesday and wednesday. again, dow industrials for the third day in a row looks like it is held to double digit range. today's range is about 56 points. let's look at a couple of dow movers. mcdonald's from the better than expected saim stores sells. weakness we are seeing in home depot along with other details sales numberes. but we continue to see strength in tech. dow and hewlitt packard with a possible break up of that firm. since november about the middle of november, when they hit a 52-week low, all of this despite weakness in apple, this group continues to perform very, very well. energy stocks higher earlier, drifting lower, that has the dow's lead from the highs of the session. lastly we want to note that dovert corporation, took the stock down a couple of points. >> no t.o. the nasdaq now, everybody is talking about apple once again down here, but there is a lot more happening at the nasdaq than just apple today. >> absolutely. but let's lead with apple.
&p are also up slightly. >>> today is the second day of a two-day policy meeting of the federal reserve. ben bernanke will announce results of the meeting before noon today. he's expected to announce the federal reserve will start a new round of bond buying as it tries to support the tragic economic recovery. bernanke says it is not enough to keep the economy from going over the fiscal cliff but it could help cushion the fall. >>> 8:47. let's bring you up to date on some of the other top stories we're following for you right now -- look at this. a san jose man was arrested after his truck slammed into an apartment building early this morning and children were sleeping inside. luckily nobody was seriously hurt. the building was severely damaged. the 21-year-old was arrested on suspicion of drunk driving. >>> and the united states will be pushing for a united nations security council resolution condemning north korea for lunching that rocket. the u.s. believes north korea uses rocket line of -- launches like that to test its long- range missil technology. >>> and house speaker john boehner thi
their expectations of ben bernanke. nicole: would even throw out the idea of stimulus? that helped things along pushing us along throughout this entire last six months. lori: absolutely. thank you so much, nicole petallides on the floor of the new york stock exchange. protests turn violent in lansing, michigan, as union protesters ripped down a tent belonging to right-to-work supporters. becoming the 24th right-to-work states today allowing workers to get the right to join unions. jeff flock is in lansing michigan covering the story for us. i thought it was interesting how you covered the scene there with michigan a few years back, excuse me, wisconsin. >> wisconsin, exactly. not the same kind of intensity. part of that is because this is already pretty much a done deal. there they had not a teacher headed off. the second one being debated right now. but renew over here to the scene of the george romney state office building. george romney, former governor of wisconsin, and father of mitt romney. the large group of protesters are trying to get into the crowd and see. they have essentially ringe
on further stimulus action. >> it will be hard to say how expansionary that move is. if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to remember, of course, you have a change in voting control. it had been controlled by barry diller, it will now be controlled by liberty media. they will own 22% of the economics of trib adviser, but 57% of the total votes of the company, effectively controlling the company. so any thoughts you might have as a shareholder in erms it of the future takeover premium in terms of changing control. well, for now, don't expect them to go to the price that john malone and liberty are paying here. that's quite a price, $62.52 a share. we'll see what th
, and the fed is going to be -- >> the more pressure on ben bernanke. >> absolutely. >> let's look at another area. >> can i add one more point? >> sure. >> when you look at it and larry summers was on this morning, whom i have great respect for, he had the piece from the imf study when you cut the deficit by 1%, what is the impact on the gdp. they didn't get into that this morning but if his numbers he's using 0.9 to 1.4, if you lose 2% to 3% of gdp you'll go to negative growth which will impact -- >> at the very least the wheels will be on the runway. >> absolutely. >> let's switch gears, mario draghi today, listen, i was so wrong and i don't know how long it will last but i give him credit, at least for this period of time, how long it lasts because there is no growth and recession in europe i can't answer but what were your observations on that press conference? >> last night when i wrote about it, mario draghi can put his feet up and have a stella and enjoy. he bought himself time. july 6th will be mario draghi's day of celebration because he stemmed the financial crisis in europe and bo
policies that we've had from alan greenspan and ben bernanke, the dollar has lost about a third of its value over the last three years on the dollar index. does that mean that manufacturers like yourself will be forced to bring jobs back to america because now producing elsewhere and importing on that currency effect is now 30% more expensive? >> you know, in that case for us, that is not going to have a big impact. 80% or more of what we sell in the u.s. we already make in the u.s. we really believe in production and if you look at our business and all of the large markets around the world, we have established production basis. if anything, that's perhaps helped us a little bit because we do export about 15% of our u.s. production. overall the biggest impact that the change in currencies have had is really for us the brazilian and indian currencies which have devalued about 25% over the last year. the u.s. dollar change has not had a large impact on us. interesting to hear you talk about housing in this country. sherwin williams, depots, this year have been basing thesis on housing ma
Search Results 0 to 13 of about 14

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